Leveraged funds tracking gold and silver are some of the ETF market’s biggest movers Monday, spurred to outsized gains or losses by the weakened dollar and by Federal Reserve Chairman Ben Bernanke’s latest pledge for an accommodative monetary policy.
The Direxion Daily Gold Miners Bull 3X Shares (NUGT) is among the top gainers in late-morning trade, adding 4,7% to $17.40 recently, and the ProShares UltraShort Gold (GLL) is near the bottom, shedding 2.7% to $16.49. The ProShares UltraShort Silver (ZSL) is down 4% at $10.28. It’s not hard to see why gold and silver would be up and their skeptics down: More bets on Bernanke currency debasement. Mr. Bernanke’s call for “continued accommodative policies” could be interpreted as “new” language in favor of still more easing, although BTIG strategist Dan Greenhaus cautions against too much reading of these particular tea leaves:
